Federal-Mogul Reorganization Plan Hearing Delayed - aftermarketNews

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Federal-Mogul Reorganization Plan Hearing Delayed

A hearing set for Thursday to approve Federal-Mogul Corp.'s Chapter 11 reorganization plan has been postponed, according to Dow Jones Newswires. Federal-Mogul said in a filing with the U.S. Securities and Exchange Commission that it won't pursue confirmation of its plan until it gets an estimate for asbestos-related claims against its business units in England. It plans to seeking such an estimate on Thursday.

aftermarketNews Staff
By aftermarketNews Staff
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From MEMA Industry News

A hearing set for Thursday to approve Federal-Mogul Corp.’s Chapter 11 reorganization plan has been postponed, according to Dow Jones Newswires.

Federal-Mogul said in a filing with the U.S. Securities and Exchange Commission that it won’t pursue confirmation of its plan until it gets an estimate for asbestos-related claims against its business units in England. It plans to seeking such an estimate on Thursday.

Mounting asbestos claims are what prompted the Southfield, Mich.-based supplier to seek Chapter 11 bankruptcy protection three years ago. Its long-delayed restructuring plan would set up a trust to handle current and future asbestos claims and allow the company’s continuing businesses to operate normally.

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